New partnership to bolster distribution and drive sales
TORONTO, Oct. 23, 2019 /PRNewswire/ – TerrAscend Corp. (CSE: TER;OTCQX: TRSSF) (“TerrAscend” or “the Company”), the first and only global cannabis company licensed for sales in Canada, the US, and the EU, announced today that it has formed a strategic partnership with Kindred Partners Inc. (“Kindred”), a specialty cannabis brokerage and services company, where Kindred will serve as the exclusive broker for TerrAscend’s adult-use cannabis products in Canada. The agreement will help bolster distribution and drive sales for TerrAscend by leveraging Kindred’s brokerage, marketing and brand-building services, as well as its consumer insights and data.
Kindred, a wholly-owned subsidiary of Breakthru Beverage Group, LLC, has deep roots and significant experience in effectively managing distribution agreements in highly-regulated industries. Kindred operates separately from its sister company, alcohol beverage brokerage Breakthru Beverage Canada, while leveraging related knowledge and expertise in working with Canadian Provincial control boards, licensed distributors and retailers. The partnership will allow for Kindred to use its national presence to market TerrAscend’s brands in Canada, while offering industry intelligence and insights to better serve and supply the adult-use market.
Our strategic partnership with Kindred ensures that TerrAscend has direct access to distribution channels and consumer insights that are critical for our products to thrive in an evolving cannabis industry, particularly as we head into cannabis 2.0.
Michael Nashat, CEO of TerrAscend
We are looking forward to tapping into Kindred’s national network and team of specialists as we take advantage of the imminent legal sales of cannabis-infused products.
The new partnership with Kindred follows a number of important developments for TerrAscend Canada. The Company recently received Health Canada approval for a nearly three-fold expansion of licensed space at its EU-GMP certified facility in Mississauga, Ontario, which will allow for new product formats and extracts for the adult-use market, as well as expanded distribution opportunities. Additionally, the Company received an amendment to its license from Health Canada to allow it to sell cannabis extracts, topicals and edibles. Sales of TerrAscend’s new product formats will begin in December, pending Health Canada authorization.
TerrAscend also applauds venture capital firm Canopy Rivers Inc. (“Canopy Rivers”) (TSX: RIV, OTC: CNPOF) and Kindred on their strategic alliance, announced earlier today. TerrAscend is an active participant in the Canopy Rivers ecosystem, having significant purchase and supply agreements with other Canopy Rivers portfolio companies, including PharmHouse Inc. and James E. Wagner Cultivation Corporation. Canopy Rivers first invested in TerrAscend in 2017, restructuring their initial investment last year to allow for strategic international expansion. Earlier this month, Canopy Rivers announced an additional US$10 million investment in TerrAscend Canada Inc.
We are excited to represent TerrAscend’s innovative products and share insights to help them address the adult-use market.
Dave Prodanovic, Kindred’s General Manager
We will leverage our deep experience and talented team to offer brand-building and go-to-market execution that will provide nationwide visibility to TerrAscend’s adult-use cannabis brands.
The Canadian Securities Exchange (“CSE”) has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
TerrAscend provides quality products, brands, and services to the global cannabinoid market. As the first North American Operator (NAO), with scale operations in both Canada and the US, the Company participates in the medical and legal adult-use market across Canada and in several US states where cannabis has been legalized for therapeutic or adult-use. TerrAscend is the first and only cannabis company with sales in the US, Canada, and Europe. TerrAscend operates a number of synergistic businesses, including The Apothecarium, an award-winning cannabis dispensary with several retail locations in California and Nevada; Arise Bioscience Inc., a manufacturer and distributor of hemp-derived products; Ilera Healthcare, Pennsylvania’s premier medical marijuana cultivator, processor and dispenser; Ascendant Laboratories Inc., a biotechnology and licensing company committed to the continuous improvement of cannabinoid expressing plants; Solace RX Inc., a proposed Drug Preparation Premises (DPP) focused on the development of novel formulations and delivery forms; and Valhalla Confections, a manufacturer of premium cannabis-infused edibles. Additionally, TerrAscend has been chosen by the state of New Jersey to be one of six permit applicants for a vertically integrated medical cannabis operation. For more information, visit www.terrascend.com.
About Kindred Partners Inc.
Kindred Partners Inc. is a wholly-owned Canadian subsidiary of Breakthru Beverage Group representing cannabis products to the Canadian recreational market. This dedicated cannabis sales brokerage business operates independently from its sister company, Breakthru Beverage Canada, a leading Canadian beverage alcohol broker. For more information, please visit www.kindredcanada.ca.
About Breakthru Beverage Group
Breakthru Beverage Group is one of the leading alcohol wholesalers in the United States and the largest broker in Canada representing a full total beverage alcohol portfolio of spirits, wine and beer. Across its North American footprint, Breakthru employs more than 7,000 associates who align a nimble and insightful approach to sales, marketing and operations. With family ownership active in the business, Breakthru is committed to being a steward of heritage and champion of innovation. For more information, visit www.BreakthruBev.com.